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High Yield Municipal Bond Fund

Summary

Summary

What is the High Yield Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in lower-rated municipal bonds.

2019 Tax-Exempt #1 for 2019_Barrons Ranking

Yields

Dividend Yield 1 as of 03/27/2020  

w/o sales charge 3.14%

30 Day Standardized yield 2 as of 02/29/2020  

1.61%

Fund Basicsas of 02/28/2020

Total Net Assets
$3.91 B
Inception Date
12/30/2004
Dividend Frequency
Monthly
Fund Expense Ratio
1.42%
Number of Holdings
729
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.69% 14.09% 7.66% 5.84% 5.65% 3.60%
Lipper Category Avg. High Yield Municipal Debt Funds 3.78% 11.61% 6.75% 5.17% 5.85% -
Bloomberg Barclays High Yield Muni Index 4.62% 14.40% 8.62% 6.59% 7.31% -
w/ sales charge 3.69% 14.09% 7.66% 5.84% 5.65% 3.60%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 10.78% 10.78% 6.84% 5.07% 5.39% 3.32%
Lipper Category Avg. High Yield Municipal Debt Funds 9.05% 9.05% 6.12% 4.67% 5.70% -
Bloomberg Barclays High Yield Muni Index 10.68% 10.68% 8.34% 5.92% 7.15% -

Fund Expense Ratio :

1.42%

RELATED CONTENT

Muni Matters: Demystifying Non-Rated Muni Bonds
October 14, 2019

Here’s a closer look at this $82 billion segment of the tax-free bond market—and how portfolio managers might find opportunities in the sector.

Are There Still Opportunities in High-Yield Munis?
May 31, 2019

Here are four reasons why we believe this diverse asset class continues to offer value to investors.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Lease
GO Local
Transportation
Water & Sewer
Housing
Power
GO State
Other
Pre-Refunded
VRDN
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

Credit Quality Distribution as of 02/28/2020

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Investment Team

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Greg Shuman
Gregory M. Shuman, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 15 Investment Professionals with 14 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Dividend Yield 1 as of 03/27/2020  

w/o sales charge 3.14%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.61% 1.61%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 4.69% 14.09% 7.66% 5.84% 5.65% 3.60%
Lipper Category Avg. High Yield Municipal Debt Funds 3.78% 11.61% 6.75% 5.17% 5.85% -
Bloomberg Barclays High Yield Muni Index 4.62% 14.40% 8.62% 6.59% 7.31% -
w/ sales charge 3.69% 14.09% 7.66% 5.84% 5.65% 3.60%

Fund Expense Ratio :

1.42%

Fund Expense Ratio :

1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2004
w/o sales charge 10.78% 10.78% 6.84% 5.07% 5.39% 3.32%
Lipper Category Avg. High Yield Municipal Debt Funds 9.05% 9.05% 6.12% 4.67% 5.70% -
Bloomberg Barclays High Yield Muni Index 10.68% 10.68% 8.34% 5.92% 7.15% -

Fund Expense Ratio :

1.42%

Year Fund Returns Bloomberg Barclays High Yield Muni Index
2019 10.78% 10.68%
2018 3.15% 4.75%
2017 6.71% 9.68%
2016 2.04% 2.99%
2015 2.93% 1.81%
2014 13.78% 13.84%
2013 -7.58% -5.51%
2012 17.35% 18.14%
2011 3.78% 9.25%
2010 3.02% 7.79%
2009 34.90% -
2008 -33.18% -
2007 -7.83% -
2006 8.95% -
2005 6.55% -
2004 0.16% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - -6.63%
2019 4.01% 3.00% 2.64% 0.75% 10.78%
2018 0.68% 2.55% 0.48% -0.56% 3.15%
2017 2.54% 1.78% 1.81% 0.43% 6.71%
2016 2.22% 4.22% 0.98% -5.14% 2.04%
2015 1.32% -1.30% 1.12% 1.79% 2.93%
2014 5.14% 3.84% 2.50% 1.67% 13.78%
2013 1.40% -5.37% -3.54% -0.15% -7.58%
2012 6.73% 3.12% 3.49% 3.03% 17.35%
2011 -1.87% 5.08% 1.38% -0.72% 3.78%
2010 3.07% 1.27% 4.32% -5.40% 3.02%
2009 8.07% 9.97% 14.47% -0.83% 34.90%
2008 -5.36% 0.08% -7.35% -23.86% -33.18%
2007 0.94% -0.48% -3.26% -5.16% -7.83%
2006 1.69% 1.11% 3.74% 2.14% 8.95%
2005 1.72% 3.52% 0.30% 0.89% 6.55%
2004 - - - - 0.16%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

PORTFOLIO BREAKDOWN as of 02/28/2020

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Lease
GO Local
Transportation
Water & Sewer
Housing
Power
GO State
Other
Pre-Refunded
VRDN

PORTFOLIO BREAKDOWN as of 02/28/2020

Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

PORTFOLIO BREAKDOWN as of 02/28/2020

Rating Assets
CA
IL
OH
Puerto Rico
NY
FL
TX
NJ
PA
AL
GA
CO
WI
AZ
VA
MD
IA
MI
MO
AR
MA
TN
NH
CT
LA
OK
WA
SC
MN
IN
HI
NC
NV
WY
DIST. OF COLUMBIA
RI
NM
AS
ND
WV
KY
AK
OR
Other U.S. Territories
NE
UT
KS
ME

Credit QUALITY DISTRIBUTION as of 02/28/2020

Rating Assets
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning as of 12/31/2019

  • Although primarily invested in non-investment-grade bonds, the portfolio has an overweight in ‘A’ and ‘BBB’ rated bonds, relative to its secondary benchmark, an 85%/15% blend of the Bloomberg Barclays U.S. High Yield Municipal Bond Index and the Bloomberg Barclays Municipal Bond Index. These securities offer attractive risk-adjusted income and greater liquidity relative to below investment-grade bonds.
  • The portfolio’s largest allocations are an overweight to the industrial development and health care sectors.
  • The municipal yield curve remains relatively steep and offers incremental yield opportunities in longer maturities. To that end, the portfolio is overweight bonds with maturities of 25 years and longer.

Portfolio Details as of 02/28/2020

Total Net Assets
$3.91 B
Number of Issues
729
Average Coupon
4.7%
Average Effective Maturity
25.5 Years
Average Effective Duration
6.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/27/2020
$0.061
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 02/29/2020 $0.03054 $13.14
Daily Daily 01/31/2020 $0.03048 $12.86

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 03/31/2020
Daily Daily 04/30/2020
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/29/2020

1.42%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015

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Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. The Barclays High Yield Municipal Bond Index is a subset of the Barclays Municipal Bond Index; a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market.

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